INO gives e30m real estate to MN
Dutch pension fund investment manager MN Services has been appointed to run a E30m international real estate mandate for the E1.2bn TNO pension fund, based in Rijswijk.
The portfolio will be invested predominantly in commercial property in Europe, America and Asia, with E10m invested each year over a three-year period. TNO already invests in indirect real estate with Dutch asset manager, Kempen.
Research organisation TNO says it chose MN Services due to its good investment performance over the last few years.
MN Services manages E17.2bn for the Pension Fund for the Metalworking and Related Technical Sectors, BPMT, one portfolio of which is an inflation-hedged real estate mandate. A spokeswoman at MN Services commented that it anticipated interest from Dutch pension funds in that asset class.
MN Service also manages pension schemes, insurance products and collective labour agreement plans for employers’ and employees’ organisations. The total assets under management of MN Services amount to E18bn. Of this E1.5bn is invested in international real estate.